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Michigan Foreclosure Law on Second Mortgages & Home Equity Loans

If you are facing a home foreclosure, a contributing factor may have been a secondary mortgage or home equity loan. When the housing market was appreciating, many homeowners took advantage of a home equity line of credit to make improvements to their home or pay down other bills. Or maybe a second mortgage or an 80/20 home loan was necessary in order to make the initial home purchase viable based on the financing options. In any event, most homeowners no longer have enough equity in their homes to satisfy both a primary and secondary mortgage home loan.

Reductions in family income and job stability have put a lot of Michigan families at the brink of, or in, a home foreclosure situation. What was once a working mortgage situation and budget plan is no longer viable in today’s financial reality. If you are facing a Michigan home foreclosure and have a second mortgage or home equity loan, we have several different options. Call us today at 866-261-8282 for a free consultation with one of our licensed attorneys. When we meet, we will discuss your options to:

We are a Michigan-based law firm with offices in Detroit, Ann Arbor, Dearborn, Southfield, Flint or Warren. We look forward to discussing your options with you.

Stop the Home Foreclosure and Remove Your Second Mortgage or Home Equity Loan to Reduce Your Mortgage Debt

Through the use of a Chapter 13 reorganization, we can legally stop the home foreclosure before the sale occurs. You are guaranteed court protection from the foreclosure, your mortgage company and your other creditors.

The Chapter 13 can also legally remove a second mortgage and/or home equity loan, therefore reducing your overall monthly mortgage obligation. This process is called “lien stripping”.

By focusing on debt reduction throughout the course of the program, your debt-to-income ratio will improve. This factor along with the plan’s structured consistent and timely payments to your creditors will bolster your credit score. These two factors along influence 65% of your credit score according to FICO.

Surrender Your Home and Eliminate Resulting Debt Obligation

If you are no longer in the position to maintain payments on your home, even after reducing your mortgage and other debts, you are able to surrender your property back to the bank through the process of filing a Chapter 7 or Chapter 13 Bankruptcy.

A Bankruptcy filing will ensure that all debts are legally eliminated or discharged so that you do not receive a loan deficiency judgment in the future.

If you qualify to file a Chapter 7 Bankruptcy you will totally eliminate any unsecured debt obligations including any liabilities with the home you are surrendering.

Call Acclaim Legal Services for Free, Expert Legal Advice

Our Michigan based law firm specializes in debt relief through the Chapter 7 or Chapter 13 Debt consolidation. We offer a free assessment of your finances to determine the best course of action. You will meet with a highly qualified, licensed attorney who will review your budget and provide a step-by-step action plan to resolve your debts and make a fresh financial start. We are here to help.

We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in Detroit, Southfield, Dearborn, Flint, Ann Arbor and Warren, Michigan. Please call us toll free at 866-261-8282 or schedule a consultation right now.

How Can WeHelp You?

It has been a pleasure working with you and Atty Chris Jones. Thank you very much for all your help and guidance. God bless you all. Thumbs up for your services.

Devon

(Troy, Michigan)

I wanted to let you know about your staff and the support they all showed my wife and myself.

From our first meeting with William in his office to Cindy answering all our questions and time spent on the phone many thanks to her, along with Chris looking after our case too.

Dealing…

Pete & Amy

(Taylor, MI)

The team we worked with at Acclaim has been very helpful. They are very responsive and are always ready to help. There has been no disruption and my attorney is always very straight forward with his responses. My questions and concerns are always answered via email or telephone. I will definitely…

Sam and Michelle

(Ann Arbor, Michigan)

I along with my husband would like to thank our attorney and Acclaim Legal Services for their outstanding service during our Chapter 13 bankruptcy. Stacy was able to push our home modification through smoothly and rapidly after failed attempts by my husband and me to work with our mortgage company…

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